It’s a new year and you’re probably dying to buy some of the hot new products on the market. However, the way the next big thing seems to change every week, you might be better off waiting before you splash out. Here are some of the things you should not buy in 2018.
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Warren Buffett, one of the world’s richest people on the planet and renowned as a savvy investor, is one of the many financial experts warning that the Bitcoin bubble will burst. When you invest in cryptocurrencies, you’re really just speculating with your money and it could end up costing you dearly.
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2. Smart Luggage
Having a bag that comes with USB ports, electronic locks and GPS tracking may sound like a travel must-have but you’re better off sticking with a regular bag and the things you should always have in your carry-on. The reason is that airlines are now placing restrictions on smart luggage, as their batteries pose a fire risk.
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3. Wired chargers
Some tech companies are already introducing wireless chargers for devices like smartphones. This technology, which doesn’t require an adapter or plug, is set to become more commonplace and you’ll never have to struggle with tangled wires again.
You may also like: 20 frugal habits that'll make you a millionaire.
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4. Smart Appliances
If your fridge is on the blink, by all means replace it with a smart fridge but don’t go and splash out on smart appliances simply because you want the cool factor. Unnecessary purchases are among the most common financial regrets people have. Besides, smart-appliance technology is bound to improve and become more affordable.
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5. An HDTV
It seems like only yesterday that HD was the ultimate in television technology but buying one now would be like buying a VCR. Instead, invest in a 4K TV set, which isn’t that much more expensive but has a much higher resolution.
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6. The Latest iPhone
Apple updates its iPhone almost as often as a new scandal comes out of Hollywood. While the company is expected to release a new iPhone later this year, wait before you spend your tax refund money on it. First see if it is really that much better and can do that much more than the phone you currently have.
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7. Thumb Drive
Thumb drives can now store many more gigabytes of data than they used to but why carry one around and risk picking up viruses from other people’s computers? Instead, store your data in the cloud and use data-sharing sites to swap files with your friends.
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8. Smart Speakers
Smart speakers are among the most popular gadgets at the moment. But over the course of the year there will be more competition in this field, which means better products at lower prices by 2019. And don't forget that one of the simplest tips for getting rich is to avoid impulse buying.
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9. LED Lights
LED lights are great for saving energy and all but something even better has come along to replace them. OLED – organic light-emitting diode – lighting is more energy efficient and spreads light more evenly, making it even easier to save money.
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10. Virtual Reality Gaming Device
We already told you not to buy these things, but if you buy one of the exciting new virtual reality gaming devices on the market, you’ll have a very expensive gadget that you can’t do much with, since your gaming choices are still very limited. It’s better to wait until more companies have developed games for these devices and a wider range will mean lower prices too.
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11. New Car
Unless you live in the back of beyond or have a job that requires you to have a car, there’s really no reason why you can’t get around with public transport or a bicycle. If you do need wheels, spend less on a second-hand car in good condition rather than buying a new one with poor resale value.
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12. Media-Streaming Device
Don’t spend your money on a dedicated media-streaming device. As smart TVs become more popular, media-streaming devices are likely to go the way of dial-up modems.
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Unless you’re a professional photographer who can work from anywhere, buying a camera is a waste of money. Instead, get a decent smartphone. Smartphone camera technology is improving all the time and if you combine it with a photo editing app, you’re all set for Instagram.
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14. GPS Device
Instead of getting a standalone GPS device for your car, turn to your smartphone instead. There are great apps available that will not only tell you where you are and where you’re going, but will also send a text to let your hosts know you’ve arrived.
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15. Analog Watch
If you miss the days of simply glancing at your wrist rather than dig out your phone to tell the time, buy an analog watch only if you like vintage. Instead, invest in a smartwatch that looks just like a wristwatch but can do almost everything your smartphone does. Makes the perfect gift for Valentine's Day!
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16. Plastic Sandwich Bags
We're including a couple of items that, while not brand new, are things that you should avoid buying anyway. For example: sandwich bags. They're terrible for the environment. Use once, discard. They're also a waste of money. Instead, buy reusable containers. You can get them for a song at the dollar store or pick some up at a neighbourhood yard sale.
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17. Gym Membership
If you really, really think you're going to use it, fine. But if you're like most of us, you won't. Instead of a yearly gym membership, buy daily passes to see how committed you are. Or, take the cost of a gym membership and invest it in a new bike or used (cheap!) exercise equipment found on the buy-and-sell websites. And with summer just around the corner, here are some fun ways to get fit outside.
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18. Bottled Water
You already know this one, although it can be hard to remember - especially if you're thirsty. But for the good of the environment, try to refrain from buying bottled water and carry your own refillable water bottle. Pick up a few used ones at a yard sale and keep them handy. It's also an easy way to save a few bucks every month!
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19. New Books
New books are quite expensive, even the electronic versions. Unless you're filling the shelves of your study, head to your local library. You'll find all the new releases (including ebooks) and the classics. Or be patient and hit the used bookstores a few weeks after a big title comes out. If you're looking for some ideas for your reading list, here are 10 books every female should read to get ahead.
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DVDs are going the way of the dodo bird and most movies are available online via streaming services or pay-per-view on cable or satellite. If you really need a copy of a film, look for a used DVD on eBay. Or, check with your local library.